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Ethereum Price Forecast: Ether Stays Bullish Above $120

By

Aayush

Jindal

Guest AnalystETHNews.com

Ether’s price started a downside correction after a solid upward move against the US dollar and bitcoin. ETH/USD remains bullish as long as it is above $120.00.

Key Highlights

Ether’s price declined sharply after testing the $160.00-165.00 resistance against the US dollar.
A major bullish trendline is formed with support at $120.00 on the 6-hour chart of ETH/USD.
ETH/BTC started a downside correction and declined toward the 0.0320BTC support.

Technically, the 6-hour chart indicators corrected lower toward midlines in the bullish territory.

Ether Price Analysis

Yesterday, we discussed the significance of the $165.00 resistance area for ETH/USD. The pair traded above the $155.00 resistance, but it failed to test the $165.00 resistance. A high was formed at $161.35 and later the price declined sharply.

ETH/BTC also traded above the 0.0350BTC support. Later, the pair started a downside correction and traded below the 0.0340BTC and 0.0330BTC levels. The next key support is at 0.0320BTC, followed by 0.0300BTC.

Ethereum Price ETH Analysis

Starting with the 6-hour chart of ETH/USD, the pair followed a significant bullish path above the $100.00 and $120.00 levels. The recent move was strong as the price even broke the $150.00 barrier.

However, the price faced strong resistance near the $160.00-165.00 zone and later started a downside correction. It declined below $140.00 and the 23.6 Fibonacci retracement level of the upward move from the $82.12 low to $161.35 high.

Ether is currently trading near the $125.00 and $128.00 support levels, below which there is a strong support zone near $120.00 and a major bullish trendline. More importantly, the 50 Fibonacci retracement level of the upward move is also around the $122.00 level.

Ether Price Analysis Chart

Therefore, if the price continues to move down, it is likely to find solid buying interest near the $120.00 level. Moving down to the 2-hour chart of ETH/USD, the pair is testing the $125.00 support and a short-term bullish trendline.

The overall price action is still bullish on the 6-hour chart as long as ETH/USD is above $120.00. To the topside, the first resistance is at $135.00, followed by $140.00.

Important Resistance Levels

$135.00 and $140.00

Important Support Levels

$125.00 and $120.00

6-hour RSI

The RSI is currently testing the 50 level.

6-hour MACD

The MACD has reduced most of its bullish slope.

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis. He strives to provide entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession and loves blogging.

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